3i Group has sold its stake in Bestinvest to private equity firm Permira for an undisclosed sum.
The sale of 3i's majority stake in Bestinvest is expected to generate £45m in total, netting 3i around £25m. The transaction is expected to complete in the first quarter of 2014. Bestinvest chairman Mike Covell said: "We are hugely grateful for the support that Bestinvest has received from 3i under its period of ownership which has seen the business develop very successfully over the last few years. "As we enter the next phase in our growth, I am delighted that we do so with complete continuity of the senior management team and with the Permira funds, who we have known for several ...
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